Shares in Murchison Metals Ltd’s (ASX:MMX) jumped over 20 per cent yesterday, one day after the company was granted the federal government’s environmental approval for its proposed $6 billion Oakajee Port and Rail project in Western Australia.
Formal approval from the state environment minister is expected in the September quarter.
Investors responded well to the news, with shares closing 22.7 per cent higher at $0.81.
On the same day Murchison responded to a price query from the Australian Securities Exchange, claiming it is not aware of any information other than that which it has announced, that could explain the jump.
In the half year ended on 31 December 2010 Murchison Metals posted a net profit of $3.3 million.
